Stationery remains a solid performer for the Theo Paphitis Retail Group, which has recorded full-year growth for Ryman, growing its sales 1.4% year-on-year to £129.9m for the financial year to 30 March 2019.
EBITDA climbed 6.5% year-on-year to £8.2m, an increase of £0.5m. Operating profit for the year amounted to £6m, up from £5.7m in 2018. The report said “We are pleased to report that trading has remained fairly robust in the current year.”
Speaking about performance across the group’s businesses, which include Robert Dyas and Boux Avenue as well as Ryman, chairman Theo Paphitis commented: “Our group has delivered a resilient performance in what has been the most challenging retail environment we have ever experienced, underpinned by consumer uncertainty and declines in footfall.”
Despite the full-year growth for both Ryman and Robert Dyas, the company’s Boux Avenue is currently in the midst of a strategic operational review after its in-store performance suffered.
Theo Paphitis himself is personally taking charge of this business review, which includes seeking lower rents from landlords across 30 stores – mostly those in shopping centres.
Paphitis continued: “We have seen progress with the turnaround plan we implemented at Boux last year and the reaction to our new designs and products has been encouraging.
“We will look to address our cost base, in particular our rents, as well as addressing the appropriate mix of channels to match the changing needs of our customers.
“Given the significant importance of the review, this will be led by me personally, supported by our group board. The publication of Boux’s financial statements will follow pending the outcome of this review.”